Olive Garden

Absolute NNN Ground Lease: The asset is secured by an absolute NNN ground lease structure, with the tenant responsible for all operating expenses, capital expenditures, and maintenance, resulting in a passive investment with no landlord obligations.
Annual Rent Increases: Contractual 1.5% annual rent escalations provide consistent income growth and support long-term inflation hedging.
Below-Market Rent: In-place rent of $14.79 per square foot is well below market levels, offering downside protection and embedded long-term rental growth potential.
Established Operating History: The tenant has operated successfully at this location for over ±15 years, averaging approximately 23,681 customer visits per month (per AlphaComposite), demonstrating sustained site performance.
Market-Leading Casual Dining Tenant: The lease is guaranteed by GRMI, Inc., a wholly owned subsidiary of Darden Restaurants, Inc. (NYSE: DRI), a nationally recognized operator in the casual dining sector. Darden operates 800+ locations under brands including LongHorn Steakhouse, Bahama Breeze, Seasons 52, Cheddar’s Scratch Kitchen, The Capital Grille, Eddie V’s, and Yard House, and maintains a BBB credit rating from S&P.
Secure Income Stream: Approximately ±3 years of remaining primary lease term, complemented by five (5) additional five-year renewal options, providing long-term income continuity.
Highly Visible Location: Strategically positioned along major thoroughfares with traffic counts of approximately ±34,000 VPD on S. Laburnum Avenue and ±12,646 VPD on Audubon Drive. The property is located less than 0.5 miles from I-64, which carries approximately ±51,148 VPD.
Strong Demographics: Within a five-mile radius of the property, the population totals approximately 135,485 residents with an average household income of $88,539 and over $1.5 billion in annual consumer spending.
Proximity to National Retailers: Situated within a dense retail corridor alongside prominent national retailers including Target, Lowe’s, PetSmart, Publix, Chick-fil-A, 7-Eleven, Panera, Cracker Barrel, McDonald’s, LongHorn Steakhouse, Popeyes, Red Lobster, Taco Bell, and others, reinforcing strong co-tenancy and consumer draw.

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Kyle Matthews